HSBC RateMatcher extended to ALL (non-HSBC) customers!

_Andy_

Yes, so say a rate that you know they'll accept.

entrywound

First time poster here. We spoke to HSBC yesterday about possibly switching our mortgage to this new offer. We're coming off a 4.65% deal at Nationwide for £147,000 or so, and this comes with a whopping £2099 fee. I've done some sums and over the 2 year period this still works out to be a true saving on a lot of other mortgages on offer (that I could find anyway), despite the high fee - has anyone got any opinions on this? Thanks a lot in advance!

silvercar

£250k at 4.99% or 5% charge= 1799 roughly equates to a rate of 5.36% over the 2 years.

Anyone know if you can offset on these rate matcher deals?

James_H

silvercar wrote: »

Anyone know if you can offset on these rate matcher deals?

Afraid not. HSBC fixed rate rules apply, so 20% overpayment per month by adjusted DD allowed, no lump sum overpayments and no offset facility.

L_Tee_2

entrywound wrote: »

First time poster here. We spoke to HSBC yesterday about possibly switching our mortgage to this new offer. We're coming off a 4.65% deal at Nationwide for £147,000 or so, and this comes with a whopping £2099 fee. I've done some sums and over the 2 year period this still works out to be a true saving on a lot of other mortgages on offer (that I could find anyway), despite the high fee - has anyone got any opinions on this? Thanks a lot in advance!

Hi - I am in exactly the same position as you. How much was your LTV though?

You are right though, its a good deal. If I could take up the deal HSBC are offering, then I would. Unfortunately my deal expires in October so I can't do anything with this yet.

r2mahara

_Andy_ wrote: »

I have it on good authority that you don't have to prove what rate you're coming off, so in the case of the above, you could just say you're coming off 4.54% (or similar).

Could you say what your source of information is?

I have been in to the branch, and I was told that they would go as far as an agreement in principle without proof of your current rate.

But to proceed beyond that they will need proof. Otherwise there is nothing to stop anyone from applying.

My recently ended rate is 4.49% and I've been told they will not offer me anything, not even the min of 4.54%. They claim that this is a restriction put in place by the FSA, not by themselves.

entrywound

L_Tee wrote: »

Hi - I am in exactly the same position as you. How much was your LTV though?

You are right though, its a good deal. If I could take up the deal HSBC are offering, then I would. Unfortunately my deal expires in October so I can't do anything with this yet.

Our LTV is approx 53% or so I think, which puts us safely in the deal boundaries. I still think it's a good deal on offer, just gotta find 2 grand from somewhere to pay for the fees!

Caps_4444

r2mahara wrote: »

Could you say what your source of information is?

I have been in to the branch, and I was told that they would go as far as an agreement in principle without proof of your current rate.

But to proceed beyond that they will need proof. Otherwise there is nothing to stop anyone from applying.

My recently ended rate is 4.49% and I've been told they will not offer me anything, not even the min of 4.54%. They claim that this is a restriction put in place by the FSA, not by themselves.

My 4.49% fixed rate is due to expire in June, so I called them (I bank with HSBC) and they offered me their minimum 4.54% with a £2800 fee = 5.41% over 2 years. They also offered me 4.99% with a fee of £1200 = 5.37%. But the first time I called they did say no, so I think you need to call back?!

I decided to open an account with First Direct on Monday and today called up regarding their mortgage and they offered it to me, so have an agreement in principle for their 5.29%. Very happy, especially having seen Halifax increasing their fixed rates today by 0.5%!!!! I'm now even thinking about the FD 10 year fixed.....

_Andy_

r2mahara wrote: »

Could you say what your source of information is?

I have been in to the branch, and I was told that they would go as far as an agreement in principle without proof of your current rate.

But to proceed beyond that they will need proof. Otherwise there is nothing to stop anyone from applying.

My recently ended rate is 4.49% and I've been told they will not offer me anything, not even the min of 4.54%. They claim that this is a restriction put in place by the FSA, not by themselves.

HSBC staff - I'll speak to someone tonight to see if I can clarify this though.

debster369

Homeowners must also have 80% equity in their homes to be eligible – excluding yet more of the 1.4m people coming to the end of fixed-rate deals this year.

It's worth noting that you don't actually need 20% equity/deposit, e.g. If you needed 85% LTV you would get 80% on ratematcher and the other 5% on another deal.